§ 35-12-902 — Liability For Contributions

35-12-902 . Liability for contributions. (1) A partner's obligation to contribute money or other property or other benefit or to perform services for a limited partnership is not excused by the partner's disability, death, or other inability to perform personally.
(2) If a partner does not make a promised nonmonetary contribution, the partner is obligated at the option of the limited partnership to contribute money equal to that portion of the value, as stated in the required information, of the stated contribution that has not been made.
(3) The obligation of a partner to make a contribution or return money or other property paid or distributed in violation of this chapter may be compromised only by consent of all of the partners. A creditor of a limited partnership that extends credit or otherwise acts in reliance on an obligation described in subsection (1), without notice of any compromise under this subsection, may enforce the original obligation.

Legislative History

En. Sec. 31, Ch. 522, L. 1981; amd. Sec. 21, Ch. 268, L. 1997; amd. Sec. 41, Ch. 216, L. 2011.